Cardano price remains in a technical bear market, hovering near its lowest level since last November as traders await the Midnight mainnet launch and as more exchanges confirm NIGHT token listings.
Summary
– Cardano price has dropped to a crucial support level this month.
– The developers will launch the Midnight sidechain on Monday.
– OKX, Gate, and Bybit have confirmed they will list the NIGHT token.
ADA was trading around $0.4185, sharply down from the year-to-date high of $1.3202 and well below its $3 all-time peak, underperforming peers such as Chainlink and Ethereum.
Midnight, which has been in development for years, is due to go live on Monday. The project aims to add utility to the Cardano ecosystem by providing a sidechain environment. The developers launched the NIGHT token last week as the first Cardano Native Asset; exchanges including Bybit, Gate, and OKX have confirmed they will list NIGHT when it becomes tradable.
The NIGHT airdrop will be distributed to those who claimed during the Glacier airdrop and the scavenger mine period. While some recipients may sell their tokens, others could hold, influencing short-term supply dynamics.
Cardano’s team, including Charles Hoskinson, hopes Midnight will attract more developers and increase total value locked on the network. However, some analysts question the net benefit, noting that Midnight enables development on its own sidechain rather than directly on Cardano. They also point to recently launched layer-1 and layer-2 projects—such as Plasma, Monad, and Keeta—that failed to sustain momentum after launch.
Technical analysis
On the weekly chart, ADA has fallen from the year-to-date high of $1.3202 to a recent low near $0.400. The token dropped below a key support level at $0.5113, which had held in January, April, and June. ADA has settled along an ascending trendline connecting lows from June 2023, August last year, and December this year.
Price is trading below the 50-week and 100-week exponential moving averages, and the Percentage Price Oscillator (PPO) is below zero—conditions that favor further downside. If ADA breaks below the ascending trendline, the next major support to watch is $0.2760, the August low last year. Conversely, a move back above $0.5113 would invalidate the current bearish outlook.
